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Launched · SEC filings

Neos S&P 500(R) High Income ETF

SPYICboeNeosA

$52.19−0.23 (−0.45%)

At close: Nov 2, 2026, 4:00 PM ET

A72/ 100

Rank 9 of 52 in S&P 500 Option Income

A72/100Rank 9 of 52inS&P 500 Option Income
Intraday session: down, 79 prints from 52.42 to 52.19. Range 52.19 to 52.82. Use the arrow keys to read each point.52.3052.5052.6052.7052.8010 AM12 PM2 PM4 PM
Expense ratio
0.68%
Fund size
$12.5B
1Y total return
+11.9%
Yield · Last 12 months
12.06%
Holdings
504
Avg volume · 30D
2.7M sh
52W range
low $47.77high $54.47
Launched
Filings
SEC EDGAR

The ETF.net SPYI Grade

A

Score 72 out of 100

Category
S&P 500 Option Income⁠
Rank
9 of 52
Six-pillar profile for SPYI. Scores out of 100: Cost 45, Risk 46, Mission 100, Tradability 98, Holdings 80, Durability 83. Strongest: Mission (100). Weakest: Cost (45). Leans toward Mission and Tradability.

Score 72 of 100 falls in the A band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    C45 out of 100
    Rank 28 of 52

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A100 out of 100
    Rank 1 of 36

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    C46 out of 100
    Rank 26 of 52

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    A98 out of 100
    Rank 1 of 52

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    A80 out of 100
    Rank 6 of 41

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    A83 out of 100
    Rank 5 of 52

Our read on SPYI

ETF.net Research

In short

ASPYI owns the S&P 500 and layers an SPX call spread on top: sell calls for premium, buy further-out calls to leave some room to climb. Monthly payouts, index-option tax treatment, running since 2022.

Stated mandate

The fund seeks high monthly income through investments in S&P 500 constituents and a data-driven call-option strategy, while retaining potential for equity appreciation in rising markets.

Why people hold it

  • The overlay is a net-credit call spread: it sells SPX calls and buys further out-of-the-money calls, so the fund keeps some participation when the index rises.neosfunds.comsec.gov
  • Income comes from SPX index options, Section 1256 contracts taxed 60% long-term / 40% short-term regardless of holding period. Managers also pursue tax loss harvesting.neosfunds.comneosfunds.com 2
  • Pays monthly, and the portfolio matches the mandate closely: S&P 500 constituents plus the option overlay. A multi-billion-dollar fund that trades actively.

Worth knowing

  • At 0.68%, it prices above the typical fund in its options-income group (0.60% median), and cheaper index-option income peers exist, including IVVW at 0.25% and GPIX at 0.35%.
  • Neos discloses that distributions have been classified as return of capital, which hands back part of your own investment and lowers your cost basis.neosfunds.com
  • Writing calls trades away part of a rally. The fund aims to capture a portion of the index's upside, not the whole move.neosfunds.comneosfunds.com 2

SPYI Performance

Launched Aug 29, 2022

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

Not enough history yet.Not enough history yet.
SPYI$11,191
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. SPYI $11,191. SPY $11,199. Use the arrow keys to read each point.$10,000$11,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for SPYI. Periods over one year show the average yearly return.
PeriodSPYI
Year to date+10.3%
1 month−0.5%
3 months+2.2%
1 year+11.9%
3 yearsper year+18.0%
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

With distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for SPYI
YearReturn barSPYI
2026 YTD+10.3%
2025+16.7%
2024+19.0%
2023+18.1%
2022−2.5%

History from Aug 30, 2022

SPYI in the news

SPYI Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Oct 30, 2026.
12.06%Last 12 months
Payout per share
$6.32Last 12 months
Last payment
$0.51 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Monthly

Distribution history

2023–2026

One bar per payment. 46 payments from 2023 to 2026 YTD. Jan 25, 2023 $0.48; Feb 23, 2023 $0.47; Mar 22, 2023 $0.47; Apr 26, 2023 $0.48; May 24, 2023 $0.49; Jun 22, 2023 $0.50; Jul 26, 2023 $0.50; Aug 23, 2023 $0.49; Sep 20, 2023 $0.49; Oct 25, 2023 $0.47; Nov 22, 2023 $0.48; Dec 20, 2023 $0.48; Jan 24, 2024 $0.49; Feb 21, 2024 $0.50; Mar 20, 2024 $0.50; Apr 24, 2024 $0.49; May 22, 2024 $0.50; Jun 26, 2024 $0.51; Jul 24, 2024 $0.51; Aug 21, 2024 $0.56; Sep 25, 2024 $0.51; Oct 23, 2024 $0.52; Nov 20, 2024 $0.52; Dec 24, 2024 $0.52; Jan 22, 2025 $0.52; Feb 26, 2025 $0.51; Mar 26, 2025 $0.51; Apr 23, 2025 $0.46; May 21, 2025 $0.51; Jun 25, 2025 $0.50; Jul 23, 2025 $0.51; Aug 20, 2025 $0.52; Sep 24, 2025 $0.53; Oct 22, 2025 $0.53; Nov 26, 2025 $0.52; Dec 24, 2025 $0.53; Jan 21, 2026 $0.53; Feb 18, 2026 $0.52; Mar 18, 2026 $0.51; Apr 22, 2026 $0.52; May 20, 2026 $0.54; Jun 16, 2026 $0.53; Jul 22, 2026 $0.53; Aug 19, 2026 $0.54; Sep 16, 2026 $0.53; Oct 21, 2026 $0.51. Use the arrow keys to read each point.2023202420252026YTD
Ex-datePay dateAmount per share
Oct 21, 2026Oct 23, 2026$0.51
Sep 16, 2026Sep 18, 2026$0.53
Aug 19, 2026Aug 21, 2026$0.54
Jul 22, 2026Jul 24, 2026$0.53
Jun 16, 2026Jun 18, 2026$0.53
May 20, 2026May 22, 2026$0.54
Apr 22, 2026Apr 24, 2026$0.52
Mar 18, 2026Mar 20, 2026$0.51
Feb 18, 2026Feb 20, 2026$0.52
Jan 21, 2026Jan 23, 2026$0.53
Dec 24, 2025Dec 26, 2025$0.53
Nov 26, 2025Nov 28, 2025$0.52

See all 50 payments⁠

$10,000 in SPYI 3 years ago paid $3,934 in dividends.⁠

SPYI Risk

Risk pillarC46 out of 100Rank 26 of 52 in S&P 500 Option Income
How much the fund’s monthly returns vary, scaled to a year.
8.7%
Annualised · 36 months to Oct 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
1.45
vs 3-month T-bills · to Oct 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−16.5%
50 months · trough Apr 2025
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.70
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMP measures it over up to five years of monthly returns.

SPYI Cost

Compare SPYI and PEPS

Overpaying vs PEPS, cheapest in S&P 500 Option Income

$11,146

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • SPYI 0.68%

    $13,252

  • PEPS 0.10% Cheapest

    $2,106

$10,000
30 years

Cost over time

  • SPYI 0.68%
  • PEPS 0.10%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K051015202530SPYI $13,252PEPS $2,106

Year by year

YearSPYIPEPSOverpaying
10$1,215$183$1,032
20$4,633$717$3,916
30$13,252$2,106$11,146

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